Mplx Lp (MPLX)

MPLX LP reported second-quarter 2026 net income attributable to the partnership of $1,077 million on 4 August 2026, up from $1,048 million in the same quarter a year earlier 1.

MPLX is a pipeline and gas processing partnership: it moves crude oil and fuels for its sponsor Marathon Petroleum Corporation (MPC), and it gathers and processes natural gas for producers 2.

Adjusted EBITDA, a profit measure before interest, taxes, depreciation and amortization that the company adjusts for one-time items, was $1,775 million, compared with $1,690 million 1.

The gas and natural gas liquids segment led the gain: its adjusted EBITDA rose to $614 million from $552 million, which the company tied to higher volumes from equity affiliates and acquisitions 1.

Crude oil pipeline throughput moved the other way and fell 4 percent to 5,876 thousand barrels a day 1.

The company raised its 2026 growth capital outlook by $500 million to $2.9 billion, mainly for a Gulf Coast fractionation project 1.

Fractionation is the further separation of the mixture of extracted natural gas liquids into individual components for end-use sale 2.

The open question is delivery: the Blackcomb gas pipeline began commissioning in July 2026, and the company lists full service for the fourth quarter 1.

MPC formed MPLX in 2012 as a master limited partnership, a company that trades publicly but is organized as a partnership, to own and run pipelines and related assets 2.

Over the last three years revenue has grown steadily: total revenues and other income were $11,281 million in 2023, $11,933 million in 2024 and $12,998 million in 2025 2.

Net income attributable to MPLX rose from $3,928 million in 2023 to $4,317 million in 2024 and $4,912 million in 2025 2.

Most of the 2025 growth came from fees: the company reported $132 million of crude oil and products tariff and other fee increases, $96 million from recent acquisitions and $93 million from higher pipeline throughput 2.

In 2024 the partnership spent $625 million of cash on the Utica Midstream Acquisition, which raised its stake in gathering assets in the Utica shale of Ohio 2.

In May 2024 it joined an Enbridge Inc. affiliate in a new Whistler pipeline joint venture and recognized a $151 million gain 2.

In July 2024 it raised its share of the BANGL natural gas liquids pipeline to 45 percent for $210 million in cash 2.

On 1 July 2025 it acquired the remaining 55 percent of BANGL for $703 million in cash, which produced a $484 million gain on its earlier stake 2.

On 29 August 2025 it acquired Northwind Midstream, a sour gas treating business in New Mexico, for $2.4 billion in cash, funded in part by $4.5 billion of senior notes 2.

It also sold its Rockies gathering and processing operations to a Harvest Midstream subsidiary on 12 November 2025 for $980 million in cash, a business it called non-core 2.

Crude Oil and Products Logistics

This segment gathers, moves and stores crude oil, refined products and renewables, and runs terminals, storage caverns, an inland marine business and a fuels distribution business 2.

Its assets are 14,853 miles of wholly and jointly owned pipelines with storage, refining logistics assets at 13 refineries and 88 terminals 2.

It earns tariffs, fees charged for moving or storing product, and about 88 percent of the segment's 2025 revenue and other income came from MPC 2.

Segment adjusted EBITDA was $1,161 million in the second quarter of 2026 against $1,138 million a year earlier, helped by higher rates and more butane blending 1.

Its rivals here are independent terminal and pipeline companies, integrated petroleum companies and other wholesale distributors 2.

Natural Gas and NGL Services

This segment gathers, treats, processes and moves natural gas, and moves, splits and stores natural gas liquids (NGLs), the heavier parts of the gas stream such as ethane and propane 2.

At the end of 2025 it had about 9.4 billion cubic feet a day of gathering capacity, 11.2 billion of processing capacity and 819 thousand barrels a day of fractionation and de-ethanization capacity 2.

In the second quarter gathering throughput was 6,859 million cubic feet a day, up 5 percent, while gas processed slipped 2 percent to 9,590 million 1.

Rivals compete for gas gathering and supplies, for unprocessed NGLs, and on fractionation capacity and location 2.

People and control

Maryann Mannen is MPLX chairman, president and chief executive officer 1.

The partnership has no staff of its own: all of the employees that conduct its business are directly employed by affiliates of its general partner 2.

As of June 30, 2026, MPC owned the general partner and an approximate 64 percent limited partner interest 3.

Unitholders do not nominate or vote for the directors of the general partner, because MPC elects them all 2.

Current problems

In July 2020 a subsidiary, Tesoro High Plains Pipeline Company, received a trespass notice from the Bureau of Indian Affairs that assessed damages of approximately $187 million 3.

It paid approximately $4 million, stopped using the disputed section of pipeline and sued the United States in April 2021, and the case continues 3.

The umbrella, in words

MPLX operates under its own name, and its general partner, MPLX GP LLC, is a wholly owned subsidiary of MPC 2.

It owns 100 percent of Northwind Midstream, which has over 200,000 dedicated acres and more than 200 miles of gathering pipelines in Lea County, New Mexico 2.

It owns the BANGL pipeline outright after buying out its partner in 2025, and a combined 73 percent of Ohio Gathering Company and 100 percent of Ohio Condensate Company 2.

It reports ownership of 34 percent of the Blackcomb and Traverse gas pipelines, 22 percent of Eiger Express and 30 percent of Bay Runner 1.

It owns 10 percent of the joint venture behind the Matterhorn Express gas pipeline 2.

The company expects distribution increases of 12.5 percent in 2026 and 2027 1.

Chief executive Maryann Mannen said on 4 August that MPLX "remains positioned to deliver mid-single digit adjusted EBITDA growth" as more projects enter service 1.

The company plans to put over 90 percent of organic growth capital toward natural gas and NGL needs, and it expects mid-teens returns on those projects 1.

Its project list shows the Titan Complex raising sour gas treating from 150 to over 400 million cubic feet a day, due in the fourth quarter of 2026 1.

The BANGL pipeline is to grow from 250 to 300 thousand barrels a day in the fourth quarter 1.

Two 150 thousand barrel a day fractionators near the Galveston Bay refinery are listed for 2028 and 2029 1.

A 400 thousand barrel a day LPG export terminal at Texas City, a 50 percent joint venture, is listed for 2028 1.

As of 30 June 2026 the company had about $1.0 billion left under its unit repurchase authorizations, and it said its leverage was 3.7x 1.